Millionaires in America 2026
The landscape of wealth in America continues to evolve dramatically as we progress through 2026. The United States remains the undisputed global leader in producing millionaires, housing more than 41% of the world’s millionaire population. This remarkable concentration of wealth reflects decades of economic growth, technological innovation, and a robust financial infrastructure that has enabled millions of Americans to cross the seven-figure threshold. Understanding who these millionaires are, how they built their wealth, and where they live provides crucial insights into the current state of American prosperity and economic mobility.
The path to millionaire status in 2026 looks remarkably different from previous generations. While many assume that millionaires inherit their wealth or earn extravagant salaries, the data reveals a different story. The vast majority of American millionaires are self-made individuals who accumulated wealth through disciplined saving, strategic investing, and long-term financial planning. With approximately 24 million millionaires calling the United States home, nearly 1 in every 12 American adults has achieved this financial milestone, making millionaire status more attainable than many realize.
Interesting Facts About Millionaires in the US 2026
| Millionaire Fact Category | Data Point | Percentage/Figure |
|---|---|---|
| Total Millionaires in the US 2026 | Number of individuals | 24 million |
| Global Share of Millionaires in the US 2026 | Percentage of worldwide total | 41% |
| Daily New Millionaires in the US 2026 | Individuals per day | Over 1,000 |
| Self-Made Millionaires in the US 2026 | Built wealth independently | 88% |
| College-Educated Millionaires in the US 2026 | Hold bachelor’s degree or higher | 84-88% |
| Public University Graduates in the US 2026 | Attended state schools | 62% |
| Millionaires Who Received Inheritance in the US 2026 | Inherited $1 million+ | Only 3% |
| Millionaires Living Below Means in the US 2026 | Practice frugal habits | 94% |
| Homeownership Among Millionaires in the US 2026 | Own their residence | 95% |
| Stock Market Investors in the US 2026 | Invest in equities | 47% |
| Average Age of Millionaires in the US 2026 | Median age achieved | 61 years |
| Millionaires Age 60-79 in the US 2026 | Primary age demographic | 66% |
| Female Millionaires in the US 2026 | Women as percentage | 33% |
| New Millionaires Added in 2024 | Annual increase | 562,000 |
| Ultra-High-Net-Worth Individuals in the US 2026 | $30 million+ net worth | 12% growth in 2024 |
Data sources: Empower, UBS Global Wealth Report, Credit Suisse, Federal Reserve, DataGlobeHub, Henley & Partners (2025-2026)
The numbers paint a compelling picture of wealth creation in modern America. With 24 million millionaires residing in the United States, the country maintains its position as the world’s wealth capital. What stands out most dramatically is the self-made nature of this wealth—an overwhelming 88% of millionaires built their fortunes through their own efforts rather than inheritance. This statistic challenges the common misconception that wealth in America is primarily inherited or obtained through lucky circumstances. The reality is that disciplined financial habits, consistent investing, and long-term planning remain the primary drivers of millionaire status in 2026.
Education plays a significant role in wealth accumulation, with 84-88% of millionaires holding college degrees. However, the path to higher education doesn’t require prestigious institutions—62% of millionaires attended public universities rather than expensive private colleges. This finding democratizes the pathway to wealth, showing that where you study matters less than what you do with your education. Furthermore, the fact that 94% of millionaires consistently live below their means reveals the fundamental principle behind sustainable wealth building. These individuals prioritize financial security over conspicuous consumption, a habit that distinguishes them from high-income earners who fail to build lasting wealth.
Total Number of Millionaires in the US 2026
| Millionaire Population Metric | 2024 Data | 2025 Projection | 2026 Projection |
|---|---|---|---|
| Total Millionaires in the US | 23.83 million | 24.2 million | 24.5-27.7 million |
| Millionaire Households in the US | 23.7 million | 24.1 million | 24.5 million |
| Percentage of US Adult Population | 8.8% | 9.1% | 9.3-9.5% |
| New Millionaires Added Annually | 562,000 | 575,000 | 590,000 |
| Millionaires as % of Global Total | 40.1% | 40.5% | 41% |
| Growth Rate Year-over-Year | 7.6% | 6.8% | 7.2% |
Data sources: UBS Global Wealth Report 2025, Empower, Credit Suisse, Federal Reserve Survey of Consumer Finances
The United States continues to dominate global wealth creation with 24 million millionaires in 2026, representing a substantial increase from 23.83 million in 2024. This growth trajectory shows remarkable resilience despite economic headwinds including inflation concerns and market volatility. The addition of approximately 562,000 new millionaires in 2024 translates to more than 1,000 Americans achieving millionaire status every single day. This unprecedented wealth creation reflects the strength of the American economy, the performance of equity markets, and rising real estate values across many metropolitan areas.
When examining these figures in context, the United States accounts for 41% of all millionaires globally despite representing only 4% of the world’s population. This extraordinary concentration of wealth demonstrates the unique economic opportunities available in America. The 8.8-9.5% of the adult population holding millionaire status means that roughly 1 in every 11 American adults has crossed this threshold. Looking ahead to 2026, projections suggest the millionaire population could reach between 24.5 and 27.7 million, driven by continued market growth, real estate appreciation, and the compounding effects of retirement savings in vehicles like 401(k) plans and IRAs.
Millionaire Demographics by Age in the US 2026
| Age Group | Percentage of Millionaires | Average Net Worth | Median Years to Achieve |
|---|---|---|---|
| Under 30 | 8% | $1.4 million | 8-10 years |
| 30-39 years | 2% | $1.6 million | 12-15 years |
| 40-49 years | 7% | $2.1 million | 18-22 years |
| 50-59 years | 23% | $2.8 million | 25-30 years |
| 60-69 years | 30% | $3.4 million | 30-35 years |
| 70-79 years | 31% | $3.8 million | 35-40 years |
| 80+ years | 15% | $4.2 million | 40+ years |
Data sources: Statista, Empower Personal Dashboard (June 2025), Federal Reserve, Millennial Money
Age demographics reveal that millionaire status in the US in 2026 is primarily achieved later in life, with the average millionaire being 61 years old. The data shows that 66% of millionaires fall within the 60-79 age range, demonstrating that wealth accumulation is typically a multi-decade journey. The 50-59 age bracket accounts for 23% of millionaires, with an average net worth of $2.8 million. This concentration in older age groups reflects the power of compound interest, decades of career advancement, and the appreciation of long-held assets like real estate and retirement accounts.
Younger millionaires remain relatively rare, with only 8% under age 30 and 2% in their thirties. However, these younger millionaires in the US 2026 often built wealth through technology entrepreneurship, early crypto investments, or careers in high-growth industries like software development and finance. The typical path to millionaire status requires 32 years for self-made individuals, underscoring the importance of starting early and maintaining consistent financial discipline. Americans in their 50s have an average net worth of $1.3 million, according to Empower Personal Dashboard data from June 2025, while those in their 60s have average retirement savings of approximately $1.1 million specifically in retirement accounts, not including home equity or other assets.
Millionaire Demographics by Gender and Race in the US 2026
| Demographic Category | Percentage | Population Estimate | Change from 2014 |
|---|---|---|---|
| Male Millionaires in the US 2026 | 67% | 16.1 million | -20% |
| Female Millionaires in the US 2026 | 33% | 7.9 million | +50% increase |
| White Millionaires in the US 2026 | 76% | 18.2 million | Stable |
| Asian Millionaires in the US 2026 | 8% | 1.9 million | +15% |
| Black Millionaires in the US 2026 | 8% | 1.9 million | +34% |
| Hispanic Millionaires in the US 2026 | 7% | 1.7 million | +60% |
| Other Ethnicities in the US 2026 | 1% | 240,000 | Variable |
Data sources: Statista, Federal Reserve Survey of Consumer Finances, Zippia, SpendMeNot
Gender and racial demographics of millionaires in the US 2026 reveal both progress and persistent disparities. Female millionaires now represent 33% of the millionaire population, a substantial increase of 50% over the past decade. This growth reflects women’s increasing participation in higher education, entrepreneurship, and senior leadership positions. The number of women millionaires has risen significantly, though they still remain in the minority. Among billionaires, the gender gap widens further, with 87% being male and only 13% female.
Racial wealth gaps persist despite notable improvements for minority millionaires. While 76% of millionaires identify as White (compared to 60% of the US population), minority representation has grown. Hispanic millionaires experienced the most dramatic growth with a 60% increase over the past decade, while Black millionaires grew by 34%. Asian Americans show the highest probability of achieving millionaire status when education is factored in—22.3% of college-educated, middle-aged Asian Americans are or will become millionaires, compared to 21.5% for Whites, 6.8% for Hispanics, and 6.4% for Black Americans. These disparities reflect systemic barriers in access to education, capital, and wealth-building opportunities that continue to affect minority communities.
Geographic Distribution of Millionaires by State in the US 2026
| State | Number of Millionaire Households | Percentage of Households | Ranking |
|---|---|---|---|
| California | 1,147,251 | 8.51% | #1 Total |
| Texas | 650,000+ | 7.2% | #2 Total |
| New York | 580,000+ | 8.9% | #3 Total |
| Florida | 520,000+ | 7.8% | #4 Total |
| New Jersey | 246,058 | 9.76% | #1 Per Capita |
| Maryland | ~200,000 | 9.5% | #2 Per Capita |
| Connecticut | ~150,000 | 9.4% | #3 Per Capita |
| Massachusetts | ~180,000 | 9.2% | #4 Per Capita |
| Hawaii | ~85,000 | 9.1% | #5 Per Capita |
| Nevada | ~120,000 | 8.5% | Highest Avg Net Worth: $4.6M |
Data sources: Kiplinger, Statista (2020-2025 data), Empower Personal Dashboard, Phoenix Marketing International
The geographic concentration of millionaires in the US 2026 reveals distinct patterns tied to economic centers, industry clusters, and tax policies. California leads with the highest absolute number at 1,147,251 millionaire households, driven by the technology sector in Silicon Valley, entertainment industry in Los Angeles, and robust real estate markets throughout the state. California is home to 82 of the 400 wealthiest Americans, more than any other state. Texas ranks second with 650,000+ millionaire households, benefiting from its oil and gas industry, favorable tax environment, and rapidly growing tech sector in Austin.
When examining millionaire density per capita, New Jersey claims the top position with 9.76% of households holding $1 million or more in investable assets. This surprising leadership stems from the state’s proximity to New York City financial centers, high property values, and concentration of corporate headquarters. Maryland, Connecticut, Massachusetts, and Hawaii complete the top five for millionaire concentration in 2026. Interestingly, Nevada boasts the highest average net worth among millionaires at $4.6 million, reflecting the state’s tax advantages and appeal to high-net-worth individuals seeking to preserve wealth. Florida and New York tie for second in housing the wealthiest Americans, with each state home to 54 of the country’s richest individuals.
Millionaires by Industry and Occupation in the US 2026
| Top Industries Producing Millionaires | Percentage of Millionaires | Median Annual Income |
|---|---|---|
| Finance and Investment in the US 2026 | 24% | $273,000+ |
| Technology and Software in the US 2026 | 18% | $141,000-$350,000 |
| Real Estate and Development in the US 2026 | 16% | $200,000-$500,000 |
| Healthcare and Medical in the US 2026 | 14% | $239,200-$600,000 |
| Engineering in the US 2026 | 12% | $97,310-$180,000 |
| Business and Management in the US 2026 | 10% | $120,000-$250,000 |
| Legal and Attorney in the US 2026 | 8% | $145,000-$300,000 |
| Accounting (CPA) in the US 2026 | 7% | $85,000-$150,000 |
| Education and Teaching in the US 2026 | 6% | $65,000-$95,000 |
| Entertainment and Media in the US 2026 | 5% | $94,270-$30,000,000 |
Data sources: Dave Ramsey Study of 10,000+ Millionaires, Bureau of Labor Statistics, Indeed, The Ladders
Industries that produce the most millionaires in the US 2026 reflect both high earning potential and opportunities for wealth accumulation through equity ownership and investing. Finance and investment leads with 24% of millionaires having built wealth in this sector, including investment banking, private equity, wealth management, and hedge funds. The average salary for investment bankers starts at $273,000, with managing directors earning upwards of $750,000 annually. Technology accounts for 18% of millionaires, fueled by the continued dominance of companies like Google, Meta, Apple, Amazon, and Microsoft. Average salaries at major tech companies range from $141,000 to over $350,000, with stock options and equity compensation often doubling total compensation.
Contrary to popular belief, the top five careers of millionaires according to Dave Ramsey’s comprehensive study are: (1) Engineer, (2) Accountant (CPA), (3) Teacher, (4) Management, and (5) Attorney. This list surprises many because it includes professions like teaching that don’t offer six-figure salaries. The key finding is that only 31% of millionaires averaged $100,000 per year over their careers, and one-third never made $100,000 in any single year. This demonstrates that high income doesn’t guarantee millionaire status—instead, consistent saving, disciplined investing, and living below one’s means are the true drivers of wealth. Healthcare professionals, particularly surgeons, radiologists, and specialists, earn between $300,000 and $600,000 annually and represent 14% of millionaires. Real estate professionals at 16% often leverage property investments and commissions to build substantial wealth over time.
Wealth Accumulation Strategies of Millionaires in the US 2026
| Wealth-Building Method | Percentage Using | Average Contribution |
|---|---|---|
| 401(k) Aggressive Investing in the US 2026 | 80% | $19,000-$23,000/year |
| Outside Retirement Plan Investing in the US 2026 | 75% | $25,000-$50,000/year |
| Primary Residence Equity in the US 2026 | 95% | $743,000 average |
| Stock Market Investment in the US 2026 | 47% | 60%+ of net worth |
| Real Estate Investment (Beyond Primary) in the US 2026 | 90% | 2-3 properties |
| Business Equity Ownership in the US 2026 | 17% | Variable |
| Systematic Monthly Investing in the US 2026 | 88% | $500-$2,000/month |
| Use Coupons and Live Below Means in the US 2026 | 93% | Save 15-30% of income |
Data sources: Ramsey Solutions, Empower, Federal Reserve, Motley Fool
The strategies employed by millionaires in the US 2026 reveal that wealth accumulation is less about earning massive salaries and more about disciplined financial habits. An overwhelming 80% of millionaires aggressively invested in their employer-sponsored 401(k) plans, making this the single most common path to seven-figure net worth. The average millionaire has $810,000 saved across retirement accounts, with those worth between $1-3 million averaging $450,000 in retirement savings alone. Additionally, 75% of millionaires invested outside their company retirement plans, diversifying into taxable brokerage accounts, IRAs, and other investment vehicles.
Homeownership plays a crucial role, with 95% of millionaires owning their primary residence and holding an average of $743,000 in home equity. However, contrary to popular belief, millionaires don’t typically own multiple properties—43% own just one property, and only 8.5% own four or more properties. The real estate myth is further debunked by the fact that only 17% of millionaires have any small business equity, showing that entrepreneurship, while valuable, isn’t required for millionaire status. What truly distinguishes millionaires is their frugality—93% use coupons when shopping, and 94% consistently live below their means regardless of income level. This discipline allows them to invest 15-30% of their income systematically, harnessing the power of compound interest over 30-40 years.
Ultra-High-Net-Worth Individuals in the US 2026
| UHNW Category | Net Worth Threshold | Number in US | 2024 Growth |
|---|---|---|---|
| Multi-Millionaires ($10M+) in the US 2026 | $10-30 million | ~1.2 million | +5.2% |
| Ultra-High-Net-Worth ($30M+) in the US 2026 | $30-50 million | ~350,000 | +12% |
| Super-Rich ($50M+) in the US 2026 | $50+ million | 110,850 | +8.4% |
| Centi-Millionaires ($100M+) in the US 2026 | $100+ million | ~28,000 | +10% |
| Billionaires in the US 2026 | $1 billion+ | 756 | +4.3% |
Data sources: Henley & Partners, Credit Suisse, Forbes, Capgemini World Wealth Report
The upper echelons of wealth in the United States in 2026 show even more dramatic growth than the general millionaire population. Ultra-high-net-worth individuals (UHNW) with $30 million or more saw their wealth grow by nearly 12% in 2024, outpacing both inflation and standard millionaire growth rates. This acceleration reflects the disproportionate benefits that the ultra-wealthy receive from equity market appreciation, private equity investments, and tax-advantaged wealth preservation strategies. The United States is home to approximately 350,000 UHNW individuals, representing 54% of the global total in this category.
Multi-millionaires with net worth between $10-30 million grew by 5.2% in 2024, adding tens of thousands to this exclusive group. The United States hosts 756 billionaires in 2026, more than the next nine countries combined. These billionaires collectively control over $3.27 trillion in wealth, with the top 10 billionaires alone accounting for $2.65 trillion. Technology continues to dominate billionaire creation, with Elon Musk leading at $450 billion net worth, followed by Larry Page at $274 billion and Larry Ellison at $360 billion. The concentration of wealth at the very top has accelerated, with UHNW individuals controlling 10% of global investable assets despite representing only 1.6% of millionaires.
Future Projections for Millionaires in the US 2026-2030
| Projection Metric | 2026 Estimate | 2028 Forecast | 2030 Forecast |
|---|---|---|---|
| Total Millionaires in the US | 24.5-27.7 million | 28.5 million | 31.2 million |
| Annual Growth Rate | 7.2% | 6.5% | 6.8% |
| Millionaires as % of Population | 9.3-9.5% | 10.2% | 11.1% |
| Female Millionaires (% of total) | 33% | 36% | 38-40% |
| Under-40 Millionaires (% of total) | 10% | 14% | 18-20% |
| UHNW Individuals ($30M+) | 350,000 | 410,000 | 475,000 |
| Average Millionaire Net Worth | $2.4 million | $2.7 million | $3.1 million |
Data sources: Credit Suisse Global Wealth Report, UBS, Capgemini, DataGlobeHub projections
Looking forward, the millionaire population in the US is projected to continue robust growth through 2030, potentially reaching 31.2 million individuals. This represents a 13% increase from 2026 levels and would mean that more than 1 in 10 American adults will hold millionaire status by the end of the decade. Credit Suisse forecasts this growth will be driven by several factors: continued appreciation in equity markets, rising real estate values in major metropolitan areas, the Great Wealth Transfer as Baby Boomers pass down an estimated $68 trillion to younger generations, and the maturation of retirement accounts for Generation X and older Millennials.
The demographic composition of millionaires is expected to shift notably by 2030. Female millionaires are projected to grow from 33% to 38-40% of the total, reflecting increasing gender parity in education, entrepreneurship, and executive leadership. Millennials and Generation Z will control over 25% of millionaire wealth by 2030, a dramatic increase from current levels, fueled by early exposure to technology, digital assets, and passive income strategies. The under-40 millionaire segment is forecast to grow from 10% to 18-20% of the total, driven by technology entrepreneurship, cryptocurrency adoption, and early aggressive investing in tax-advantaged accounts. The average net worth of millionaires is expected to increase to $3.1 million by 2030, though this will be heavily skewed by the rapid wealth accumulation among UHNW individuals, whose numbers could approach 475,000 by decade’s end.
Credit and Financial Behavior of Millionaires in the US 2026
| Financial Behavior | Percentage of Millionaires | Comparison to Non-Millionaires |
|---|---|---|
| Own 2+ Credit Cards in the US 2026 | 70% | 41% of non-millionaires |
| Have Travel Credit Card in the US 2026 | 49% | 23% of non-millionaires |
| Open 2+ New Cards Per Year in the US 2026 | 26% | 12% of non-millionaires |
| Carry No Credit Card Debt in the US 2026 | 82% | 34% of non-millionaires |
| Budget Monthly Expenses in the US 2026 | 91% | 48% of non-millionaires |
| Track Net Worth Quarterly in the US 2026 | 86% | 29% of non-millionaires |
| Use Financial Advisor in the US 2026 | 68% | 21% of non-millionaires |
| Max Out Retirement Contributions in the US 2026 | 77% | 18% of non-millionaires |
Data sources: Motley Fool Money Study, Empower, Ramsey Solutions
The financial behaviors of millionaires in the US 2026 reveal sophisticated credit usage and disciplined money management that distinguish them from non-millionaires. While 70% of millionaires maintain two or more credit cards, they use them strategically for rewards, cash back, and building credit history rather than financing lifestyle expenses. Millionaires are more than twice as likely to have a travel credit card (49%) compared to non-millionaires (23%), maximizing benefits like airline miles, hotel points, and travel insurance. Remarkably, 26% of millionaires open two new credit cards per year, and 10% open three, demonstrating active credit optimization strategies.
However, the crucial difference lies in how millionaires use credit—82% carry no credit card debt, avoiding the wealth-destroying effects of high-interest revolving balances. This compares to only 34% of non-millionaires who are debt-free on credit cards. Millionaires maintain rigorous financial discipline: 91% budget monthly expenses (vs. 48% of non-millionaires), 86% track their net worth quarterly (vs. 29% of non-millionaires), and 77% maximize retirement contributions (vs. 18% of non-millionaires). These behaviors compound over time, creating the wealth gap. Additionally, 68% of millionaires work with financial advisors, receiving professional guidance on tax optimization, estate planning, and investment allocation that helps preserve and grow wealth across market cycles.
Education and Self-Made Success Among Millionaires in the US 2026
| Education Level | Percentage of Millionaires | White | Asian | Hispanic | Black |
|---|---|---|---|---|---|
| High School Diploma Only | 12% | 5% | 6% | 2% | 1% |
| Some College (No Degree) | 8% | 8% | 7% | 4% | 3% |
| Bachelor’s Degree | 52% | 21.5% | 22.3% | 6.8% | 6.4% |
| Master’s Degree | 21% | 38% | 27% | 11% | 6% |
| Doctoral/Professional Degree | 7% | 45% | 35% | 15% | 8% |
| Public University Graduates | 62% | N/A | N/A | N/A | N/A |
| Ivy League/Private Elite | 8% | N/A | N/A | N/A | N/A |
Data sources: Federal Reserve, St. Louis Fed, Bloomberg, Ramsey Solutions, Zippia
Education strongly correlates with millionaire status in the US 2026, with 84-88% of millionaires holding a bachelor’s degree or higher. However, the path to education matters less than the commitment to learning and skill development. A remarkable 62% of millionaires graduated from public universities or state schools, while only 8% attended Ivy League or elite private institutions. This finding democratizes the path to wealth, showing that expensive private education isn’t necessary for financial success. What matters more is obtaining marketable skills, networking effectively, and applying knowledge to wealth-building activities like investing and business development.
The education-wealth correlation varies significantly by race, revealing persistent systemic inequities. College-educated, middle-aged Asian Americans have a 22.3% probability of becoming millionaires, the highest of any demographic group. White Americans with bachelor’s degrees follow closely at 21.5%, while Hispanic (6.8%) and Black (6.4%) college graduates face substantially lower probabilities. The disparity widens further with graduate degrees—White Americans with master’s degrees have a 38% chance of millionaire status, compared to only 6% for Black Americans with the same credential. These gaps reflect historical and ongoing barriers in access to capital, inheritance, business opportunities, and networks that facilitate wealth accumulation. Addressing these disparities remains one of the most significant economic challenges facing the United States in 2026.
Retirement Millionaires and Investment Patterns in the US 2026
| Retirement Account Type | Average Balance (Millionaires) | Growth 2023-2024 | % of Net Worth |
|---|---|---|---|
| 401(k) Plans in the US 2026 | $2.4 million average | +29% | 35-40% |
| Traditional IRA in the US 2026 | $450,000 average | +18% | 15-20% |
| Roth IRA in the US 2026 | $320,000 average | +22% | 10-15% |
| Pension Plans in the US 2026 | $180,000 average | Stable | 5-8% |
| Total Retirement Savings in the US 2026 | $810,000 average | +25% | 60-65% |
Data sources: Empower (December 2024), Fidelity, Federal Reserve
Retirement millionaires in the US 2026 represent one of the fastest-growing wealth segments, with their numbers increasing by 29% between 2023 and 2024. These individuals have accumulated $1 million or more specifically in retirement accounts, separate from home equity and other assets. The average retirement millionaire holds $2.4 million across various tax-advantaged accounts, demonstrating the power of consistent, long-term retirement saving. 401(k) millionaires—those with at least $1 million in their employer-sponsored 401(k)—saw particularly dramatic growth as strong equity market performance in 2024 pushed account balances to record levels.
The composition of retirement wealth shows strategic diversification across account types. Traditional 401(k) and IRA accounts dominate with an average of $450,000-$2.4 million, benefiting from decades of tax-deferred growth and employer matching contributions. Roth IRA accounts, averaging $320,000, provide tax-free growth and withdrawals in retirement, offering crucial tax diversification. The aggressive growth in retirement millionaires reflects several factors: automatic enrollment in workplace retirement plans, increased contribution limits ($23,000 for 401(k)s in 2024), employer matching programs, and the generational shift from defined-benefit pensions to defined-contribution plans that place wealth accumulation responsibility on individuals. Americans in their 50s now have average net worth of $1.3 million and those in their 60s average $1.1 million in retirement accounts alone, positioning them well for financial security in their later years.
Millionaire Migration and Tax Strategy in the US 2026
| Top Destinations for Millionaire Migration | Millionaires Gained 2024 | Primary Attraction |
|---|---|---|
| Florida | +28,000 | No state income tax |
| Texas | +24,500 | No state income tax, business-friendly |
| Nevada | +12,800 | No state income tax, privacy |
| Arizona | +9,200 | Low taxes, retirement amenities |
| Tennessee | +7,600 | No state income tax |
| North Carolina | +5,100 | Moderate taxes, quality of life |
| South Carolina | +4,300 | Low cost of living |
Data sources: Henley & Partners, State migration data, Tax Foundation
Millionaire migration within the United States in 2026 reflects strategic tax planning and lifestyle optimization. Florida leads all states in attracting high-net-worth individuals, gaining approximately 28,000 millionaires in 2024 alone. The combination of zero state income tax, zero estate tax, favorable weather, and world-class amenities makes Florida irresistible to wealthy retirees and entrepreneurs. Texas follows closely with 24,500 new millionaire residents, drawn by its no-income-tax policy, booming tech sector in Austin, energy industry in Houston, and business-friendly regulatory environment. Nevada gained 12,800 millionaires, offering not only tax advantages but also privacy protections and proximity to California’s wealth while avoiding its high tax burden.
This migration represents a significant wealth transfer between states. California, New York, and Illinois experienced the largest millionaire outflows, losing tens of thousands of wealthy residents to lower-tax states. High state income tax rates (13.3% in California, 10.9% in New York), combined with property taxes and estate taxes, create powerful incentives for millionaires to relocate. The trend accelerated during and after the COVID-19 pandemic as remote work enabled location independence for many high earners. States losing millionaires face long-term fiscal challenges as these individuals take their income tax payments, property tax contributions, and economic activity with them. Conversely, states gaining millionaires benefit from increased tax revenues, real estate demand, and economic dynamism, creating a self-reinforcing cycle of prosperity that shapes the economic geography of the United States in 2026.
Primary Residence and Real Estate Holdings in the US 2026
| Real Estate Holding Pattern | Percentage of Millionaires | Average Value | Equity Percentage |
|---|---|---|---|
| Own Primary Residence in the US 2026 | 95% | $1.2 million | 62% |
| Own Only One Property in the US 2026 | 43% | $1.1 million | 68% |
| Own Two Properties in the US 2026 | 28% | $2.3 million combined | 58% |
| Own Three Properties in the US 2026 | 20.5% | $3.5 million combined | 52% |
| Own Four+ Properties in the US 2026 | 8.5% | $6+ million combined | 45% |
| Primary Home as % of Net Worth in the US 2026 | N/A | 32% average | N/A |
| Vacation/Second Home in the US 2026 | 35% | $850,000 | 48% |
Data sources: Federal Reserve, FinMasters, Motley Fool, Business Insider
Real estate plays a foundational role in millionaire wealth in the US 2026, but not in the way many assume. While 95% of millionaires own their primary residence, the typical millionaire doesn’t maintain a vast real estate empire. In fact, 43% own only one property—their primary home—which accounts for approximately 32% of their total net worth. The average millionaire’s primary residence is valued at $1.2 million, with an average equity position of $743,000 after accounting for any remaining mortgage balance. This represents a 62% equity stake, significantly higher than the national average, as millionaires typically pay down mortgages aggressively or purchase homes with larger down payments.
Only 8.5% of millionaires own four or more properties, dispelling the myth that wealth building requires extensive real estate portfolios. Those who do invest in multiple properties often hold one vacation home or second residence (35% of millionaires) valued around $850,000, and some maintain rental properties that generate passive income. However, real estate beyond the primary residence accounts for a relatively small portion of most millionaires’ net worth. This data challenges popular real estate investing narratives and demonstrates that stock market investing, retirement account accumulation, and business ownership remain more common paths to millionaire status than property speculation. The primary residence serves primarily as a stable, appreciating asset that provides housing security while slowly building equity over decades.
Philanthropic Giving Among Millionaires in the US 2026
| Charitable Giving Category | Percentage Participating | Average Annual Donation | Total Impact |
|---|---|---|---|
| Give to Charity Annually in the US 2026 | 87% | $52,000 | $1.1 trillion |
| Donor-Advised Funds in the US 2026 | 32% | $125,000 contributed | $234 billion |
| Direct Cash Donations in the US 2026 | 74% | $28,000 | $478 billion |
| Stock/Securities Gifts in the US 2026 | 41% | $85,000 | $289 billion |
| Volunteer Time Annually in the US 2026 | 68% | 120 hours | 1.6 billion hours |
| Estate Planning for Charity in the US 2026 | 54% | 15% of estate | $2.4 trillion pledged |
| UHNW Philanthropic Giving in the US 2026 | 92% | $850,000 | 33% of all giving |
Data sources: IRS (Tax Year 2022), Motley Fool, Giving USA, Capgemini
Millionaires in the US 2026 demonstrate significant philanthropic commitment, with 87% contributing to charitable causes annually. The average millionaire donates approximately $52,000 per year, representing about 2-4% of their annual income or 0.5-1% of their net worth. This generosity translates to over $1.1 trillion in annual charitable giving from the millionaire class, supporting everything from universities and hospitals to local food banks and arts organizations. Ultra-high-net-worth individuals give even more generously, with 92% participating in philanthropy and average annual contributions of $850,000. Despite representing only 1.6% of millionaires, UHNW individuals account for 33% of all individual philanthropic giving in the United States.
The methods of giving have evolved significantly. Donor-advised funds (DAFs) have become increasingly popular, with 32% of millionaires utilizing these vehicles to contribute $125,000 on average while maintaining flexibility in distribution timing and tax optimization. Stock and securities donations represent 41% of millionaire givers, allowing them to avoid capital gains taxes while supporting causes they care about. Beyond financial contributions, 68% of millionaires volunteer an average of 120 hours annually, translating to 1.6 billion hours of skilled professional time donated to nonprofits. Estate planning increasingly includes charitable bequests, with 54% of millionaires designating approximately 15% of their estates to charitable causes, representing $2.4 trillion in pledged future giving. This culture of philanthropy distinguishes American millionaires globally and provides critical funding for education, healthcare, arts, and social services.
Income Sources and Tax Characteristics in the US 2026
| Income Source | Percentage of Millionaires | Average Annual Amount | Tax Treatment |
|---|---|---|---|
| W-2 Employment Income in the US 2026 | 68% | $185,000 | Ordinary income |
| Business Income (Schedule C) in the US 2026 | 27% | $320,000 | Ordinary/QBI deduction |
| Investment Dividends in the US 2026 | 81% | $67,000 | Qualified dividends |
| Long-Term Capital Gains in the US 2026 | 72% | $95,000 | 15-20% rate |
| Rental Real Estate Income in the US 2026 | 28% | $42,000 | Depreciation benefits |
| Retirement Account Distributions in the US 2026 | 34% | $78,000 | Ordinary income |
| Royalties and Licensing in the US 2026 | 12% | $156,000 | Ordinary income |
| Effective Tax Rate in the US 2026 | N/A | 24.3% average | N/A |
Data sources: IRS Statistics of Income, Tax Policy Center, Federal Reserve
Income diversification characterizes millionaires in the US 2026, with most deriving wealth from multiple sources rather than a single high salary. While 68% still earn W-2 employment income averaging $185,000, this represents only 40-50% of their total annual income. Investment income plays a crucial role, with 81% receiving dividend payments averaging $67,000 annually and 72% realizing long-term capital gains averaging $95,000 from stock sales, real estate transactions, or business exits. These investment income sources benefit from preferential tax treatment—qualified dividends and long-term capital gains are taxed at 0%, 15%, or 20% depending on income level, substantially lower than ordinary income tax rates that can reach 37%.
Business ownership provides another key income stream for 27% of millionaires, generating average annual income of $320,000. Many of these individuals qualify for the Qualified Business Income (QBI) deduction, which allows them to deduct 20% of qualified business income, significantly reducing their effective tax rate. Rental real estate income contributes $42,000 annually for 28% of millionaires, with substantial tax benefits from depreciation deductions, mortgage interest, and property expenses. The overall effective tax rate for millionaires averages 24.3%, lower than the top marginal rate of 37%, due to strategic use of tax-advantaged accounts, capital gains treatment, business deductions, and charitable contributions. This sophisticated approach to income optimization and tax efficiency enables millionaires to retain more wealth for reinvestment and continued wealth compounding.
Common Myths vs. Reality About Millionaires in the US 2026
| Common Myth | Reality Based on Data | Data Source |
|---|---|---|
| “Most millionaires inherited wealth” in the US 2026 | 88% are self-made; only 3% inherited $1M+ | Ramsey Solutions, Fortunly |
| “Millionaires all have six-figure salaries” in the US 2026 | 69% never averaged $100,000/year; 33% never made $100K | Ramsey Solutions Study |
| “You need an Ivy League degree” in the US 2026 | 62% attended public universities; only 8% Ivy League | Ramsey Solutions |
| “Millionaires own many properties” in the US 2026 | 43% own only one property (primary residence) | Federal Reserve, FinMasters |
| “Millionaires drive luxury cars” in the US 2026 | 61% drive cars worth less than $35,000 | Experian, Millennial Money |
| “Most are CEOs or executives” in the US 2026 | Only 15% hold senior leadership positions | Ramsey Solutions |
| “Millionaires work in finance” in the US 2026 | Top careers: Engineer, Accountant, Teacher, Manager, Attorney | Dave Ramsey Study 10,000+ |
| “Young people can’t become millionaires” in the US 2026 | 1.79 million millionaires under 30; $580/month for 31 years = 90% chance | Fortunly, Monte Carlo analysis |
Data sources: Ramsey Solutions National Study of Millionaires (10,000+ participants), Federal Reserve, Various research
The mythology surrounding millionaires in the US 2026 often obscures the accessible reality of wealth building. The most persistent myth—that most millionaires inherited their wealth—is thoroughly debunked by data showing 88% are self-made and only 3% received inheritances of $1 million or more. In fact, 79% received zero inheritance from parents or relatives, building their seven-figure net worth entirely through their own efforts. This finding should inspire rather than discourage, as it demonstrates that millionaire status is achievable through discipline and strategy rather than lucky birth circumstances.
The salary myth is equally misleading. While many assume millionaires earned enormous incomes throughout their careers, 69% never averaged $100,000 per year, and one-third never made six figures in any single year. The top five careers of millionaires—Engineer, Accountant (CPA), Teacher, Management, and Attorney—include professions with modest starting salaries. Teachers, in particular, rarely exceed $65,000-$95,000 annually yet represent 6% of millionaires through disciplined saving in 403(b) plans, living below their means, and consistent investing over 30-40 year careers. The luxury lifestyle myth also crumbles under scrutiny—61% of millionaires drive vehicles worth less than $35,000, 93% use coupons when shopping, and 94% live below their means. This frugality, not conspicuous consumption, enables wealth accumulation. For younger individuals, achieving millionaire status is highly realistic: consistent monthly investing of just $580 in a Roth IRA over 31 years in total US stock market funds provides a 90% probability of millionaire status based on Monte Carlo simulations using historical market data.
Financial Literacy and Planning Among Millionaires in the US 2026
| Financial Practice | Percentage of Millionaires | Comparison Non-Millionaires | Impact on Wealth |
|---|---|---|---|
| Written Financial Plan in the US 2026 | 84% | 31% | 3.2x higher net worth |
| Review Finances Monthly in the US 2026 | 91% | 42% | 2.8x higher net worth |
| Work With Financial Advisor in the US 2026 | 68% | 21% | 2.5x higher returns |
| Rebalance Portfolio Annually in the US 2026 | 79% | 28% | 1.8% better returns |
| Tax Planning Annually in the US 2026 | 73% | 19% | $15,000+ saved/year |
| Estate Planning Completed in the US 2026 | 81% | 33% | Wealth preservation |
| Insurance Review Annually in the US 2026 | 67% | 24% | Risk mitigation |
| Read Financial Books/Year in the US 2026 | Average 4.2 books | 0.8 books | Knowledge compounding |
Data sources: Ramsey Solutions, Financial Planning Association, Empower
Financial literacy and intentional planning distinguish millionaires in the US 2026 from the general population far more than income levels. An impressive 84% of millionaires maintain a written financial plan, compared to only 31% of non-millionaires. This simple practice of documenting goals, strategies, and progress correlates with 3.2 times higher net worth among those who plan versus those who don’t. Monthly financial reviews are practiced by 91% of millionaires, ensuring they stay on track with budgets, investments, and savings goals. This disciplined oversight allows for course corrections before small problems become large ones.
Professional guidance plays a crucial role, with 68% of millionaires working with financial advisors who provide expertise in investment allocation, tax optimization, estate planning, and risk management. Studies show that working with an advisor correlates with 2.5 times higher investment returns over 10-20 year periods, not because advisors “beat the market,” but because they prevent emotional decision-making, ensure diversification, optimize tax efficiency, and keep clients invested during market downturns when many panic and sell. Annual portfolio rebalancing, practiced by 79% of millionaires, maintains target asset allocations and forces a “buy low, sell high” discipline that adds approximately 1.8% additional returns annually. Tax planning, engaged in by 73% of millionaires, saves an average of $15,000+ per year through strategies like tax-loss harvesting, Roth conversions, charitable giving optimization, and retirement account contributions. Perhaps most importantly, millionaires invest in financial education, reading an average of 4.2 financial books annually compared to 0.8 for non-millionaires, creating a knowledge compounding effect that improves decision-making over time.
Disclaimer: This research report is compiled from publicly available sources. While reasonable efforts have been made to ensure accuracy, no representation or warranty, express or implied, is given as to the completeness or reliability of the information. We accept no liability for any errors, omissions, losses, or damages of any kind arising from the use of this report.

